You need to be sponsored by an active Virginia licensed broker to work as a real estate salesperson.
When looking for a broker, remember that YOU are the one interviewing the broker, not the other way around. The key is to find one that is the best aligned with your career goals and offers the best bang for your buck. Some salespersons may find that rigorous training programs were the key to their success, while others might say that joining a brokerage with a high sales volume was more helpful than training. While being part of a great brokerage helps, you are also directly responsible for your own success!
We recommend attending networking events at brokerages or looking for other community events in real estate to help connect you with potential brokers. Here are some questions to ask when looking for a supervising broker:
- Fee structure: Is it a flat fee, commission split, or graduated commission with experience?
- Commission: What is the average commission split for experienced salespersons?
- Success: What is the number of successful full-time salespersons, yearly income, and the gross volume of sales?
- Education: Do they offer training/mentor programs?
- What does the brokerage offer to salespersons? (advertising options, office space, secretary/receptionist, signage and lockboxes, insurance)
- Extra costs: Do they cover transaction fees or local/state realtor association dues?
- Working there: (work with partners or alone, work schedule, expectations for salespersons, sales meetings, bonuses or incentives for exceeding goals or recruiting salespersons, profit sharing, a voice in brokerage decisions?
- Do you identify with this broker? (personality, values, etc.)